Photo: Port of Newcastle; Image courtesy of EPIK

EPIK tags ANZ as financial adviser for Newcastle GasDock LNG terminal

EPIK, a South Korea-based LNG project development company, has appointed Australia and New Zealand Banking Group Limited (ANZ) to serve as a financial adviser for its Newcastle GasDock LNG import terminal.

ANZ will provide debt and equity advisory services for EPIK’s FSRU project at the Port of Newcastle in New South Wales (NSW) in the lead up to a final investment decision (FID), anticipated in mid-2020, EPIK said in its statement on Wednesday.

In August, the government of New South Wales declared EPIK’s Newcastle GasDock LNG import terminal project as Critical State Significant Infrastructure (CSSI), recognizing the project for its vital role in providing long-term energy and gas security to the region.

“ANZ adds tremendous financial and advisory expertise to the Newcastle GasDock project as we continue to make significant commercial and regulatory progress,” said Jee Yoon, EPIK’s managing director.

He added that the company is confident that with ANZ’s assistance it will be able to secure optimal capital resources for the project.

NSW currently relies on interstate imports for approximately 95 percent of its gas supply and recent changes in the domestic market have resulted in significant market volatility and price increases, negatively impacting industry and households across the State.

As proposed, the Newcastle GasDock terminal will be capable of supplying more than 80 percent of NSW’s current gas demand, with the potential to increase throughput as demand requires.

In addition to EPIK’s recent engagement with ANZ, the Newcastle GasDock project is supported by advisers and consultants, including environmental and planning support from Arup, engineering, design and construction services from Australian EPC firm, Watpac, as well as legal and regulatory counsel from K&L Gates, among others.

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